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The demand for physical precious metals has been rising since before the pandemic. Gold has appreciated from approximately $1,250 an ounce in mid-2019 to around $1,900 today. Central banks have been buying up as much as they can for two years. Nations and even some U.S. states are filling their coffers with physical precious metals to hold value for their revenues.
Now, Costco has started offering gold bars to their members and they’re selling out as quickly as they can get a hold of them. According to a recent article on CNBC, the bars often disappear within hours of inventory getting stocked.
“Costco is well-known as a place to get bargain prices on any variety of items, from food to luggage to appliances to gold bars,” the article states. “Wait, gold bars? Yes, the retail warehousing giant is your one-stop shop for 1 ounce gold PAMP Suisse Lady Fortuna Veriscan bars, handsomely detailed and ready for purchase.”
According to Jonathan Rose, co-founder of Genesis Gold Group, it makes sense because Costco has been offering survival food and other supplies for those who are concerned about the future. During his interview with CNBC for the Costco article, he said their timing is brilliant from a marketing perspective.
“They’ve done their market research. I think it’s a very clever way to get their name in the news and have some great publicity,” he said. “There is definitely a crossover of people living off the land, being self-sufficient, believing in your own currency. That’s the appeal to gold as a safe haven as people lose faith in the U.S. dollar.”
That’s great for those who have extra cash available, but what about those who have their wealth tied up in retirement accounts? Can they rollover or transfer their accounts into physical precious metals and keep it tax-deferred? Rose’s company says yes.
Genesis Gold Group specializes in self-directed IRAs backed by gold and silver. As a Christian company, they believe this is an appropriate form of financial stewardship that puts Americans’ money on the fiscal high ground.
As the CNBC article noted:
Precious metals have been on a run over the past several years. Gold has risen more than 15% over the past year and more than 55% over the past five years. With inflation still elevated, banks under the gun from a regulatory standpoint and looming issues in the commercial real estate market, the safe-haven aspect of gold and silver should be strong, Rose said.
“We know what the road map looks like: Bank failures, commercial loans defaulting at an alarming rate … they don’t seem to have a handle on inflation, and that’s why they keep raising interest rates,” he said. “The outlook for stability in the market isn’t good and people want a [tangible] asset that’s going to be a safe haven. That’s what gold and silver provide.”
Whether by running down to Costco in hopes they have gold in-stock, working with Jonathan’s company to secure your retirement accounts, or a combination of the two, it may behoove concerned Americans to hold wealth in physical precious metals. Reach out to Genesis Gold Group today to see how they can help you.